In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...

NEW YORK, Dec. 24, 2012 /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (the "Fund") today released its monthly portfolio update as of November 30, 2012.

AllianceBernstein National Municipal Income Fund, Inc.

Top 10 Fixed-Income Holdings

Portfolio %

1)

Texas Trnsp Comm Series 07 5.00%, 4/01/23

3.21%

2)

Metropolitan Trnsp Auth NY (Metro Trnsp Auth

2.78%

Ny Ded Tax) Series 2012A 5.00%, 11/15/28

3)

Wayne State Univ MI Series 2009 5.00%,

2.51%

11/15/29

4)

Washington Fed Hwy Grant Series 2012F

2.49%

5.00%, 9/01/24

5)

Metro Atlanta Rapid Tran Auth GA 5.00%,

2.13%

7/01/27

6)

Harris City TX Toll Road (Harris Cnty Tx Toll

1.96%

Road) Series 2012 5.00%, 8/15/30

7)

Triborough Brdg & Tunl Auth NY 5.00%,

1.65%

1/01/26

8)

New York NY Trnsl Fin Auth Series 2011B

1.63%

5.00%, 2/01/26

9)

Univ of Illinois AGM Series 07A 5.25%,

1.62%

10/01/26

10)

Univ of Illinois AGM Series 07A 5.25%,

1.62%

10/01/26

Sector/Industry Breakdown

Portfolio %

Tax Supported

Special Tax

18.46%

Local G.O.

11.24%

State G.O.

5.01%

State Lease

3.23%

Tax-Supported Local Lease

3.22%

Assessment District

2.73%

Tax-Supported State Lease

1.44%

SUBTOTAL

45.33%

Revenue

Water & Sewer

9.81%

Revenue - Miscellaneous

7.07%

Toll Roads/Transit

6.73%

Airport

4.08%

Higher Education - Public

3.78%

Electric Utility

3.39%

Health Care - Not-for-Profit

3.19%

Industrial Development - Utility

2.30%

Higher Education - Private

1.50%

Primary/Secondary Ed. - Private

0.80%

Senior Living

0.80%

Prepay Energy

0.65%

Primary/Secondary Ed. - Public

0.48%

SUBTOTAL

44.58%

Prerefunded/ETM

4.03%

Insured/Guaranteed

Insured

2.41%

Guaranteed

1.44%

SUBTOTAL

3.85%

Asset-Backed

Housing - Multi-Family

1.56%

Housing - Single Family

0.65%

SUBTOTAL

2.21%

Total

100.00%

State Breakdown

Portfolio %

Texas

18.48%

New York

16.04%

California

11.60%

Florida

7.72%

Illinois

5.72%

Michigan

5.11%

Washington

4.73%

Louisiana

4.15%

South Carolina

3.44%

Colorado

2.64%

Georgia

2.13%

Ohio

1.68%

New Jersey

1.66%

Oregon

1.48%

Hawaii

1.37%

Alaska

1.34%

Puerto Rico

1.23%

Pennsylvania

1.14%

Alabama

1.12%

Nevada

1.01%

Wisconsin

0.94%

Arizona

0.83%

Rhode Island

0.80%

North Carolina

0.58%

Mississippi

0.53%

Virginia

0.49%

Tennessee

0.36%

Maine

0.33%

Indiana

0.31%

Missouri

0.30%

Massachusetts

0.28%

Kansas

0.19%

Minnesota

0.16%

New Hampshire

0.11%

Total Investments

100.00%

Credit Quality Breakdown

Portfolio %

AAA

22.00%

AA

50.16%

A

12.43%

BBB

7.65%

BB

0.27%

B

0.41%

Not Rated

3.05%

Pre-refunded Bonds

4.03%

Total Investments

100.00%

Portfolio Statistics:

AMT Percentage:

16.13%

Average Coupon:

5.72%

Percentage of Leverage:

Bank Borrowing:

0.00%

Investment Operations:

3.08%

Preferred Stock:

35.05%

Tender Option Bonds:

6.19%

Term Asset-Backed Loans Facility (TALF):

0.00%

Total Fund Leverage:

44.32%*

Average Effective Maturity:

6.13 Years

Effective Duration:

5.47 Years

Total Net Assets:

$691.00 Million**

Common Stock Net Asset Value:

$15.62

Number of Holdings:

193

Portfolio Turnover:

10%

* The total percentage of leverage constitutes 6.19% through the use of tender option bonds, 35.05% in issued and outstanding preferred stock and 3.08% in investment operations, which may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash, reverse repurchase agreements and when-issued securities.

** Includes 242,225,000 of preferred stock at liquidation value.

The foregoing portfolio characteristics are as of the date indicated and can be expected to change. The Fund is a closed-end U.S.-registered management investment company advised by AllianceBernstein L. P.

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